Southern Security FCU Expands FOM to Reach Massive Underserved Population
The expansion includes 18 counties in three states.
Just to the southeast of Memphis, Tenn., there is a small credit union looking to do big things for a large swath of underserved people in the south.
The $236 million Southern Security Federal Credit Union, headquartered in Collierville, Tenn., has secured a much larger field of membership (FOM) that includes 18 counties across Tennessee, Arkansas and Mississippi. The new FOM adds 296 census tracts, with an estimated potential membership of 1,104,749, according to the credit union.
In a statement released Wednesday from Southern Security, the goal is to expand its current membership of 20,316 into areas “to provide a wide array of affordable financial products and services and financial education resources to residents, organizations and businesses.”
Southern Security President/CEO Dawn Graeter said, “We pride ourselves on partnering with our members to increase their financial knowledge while positively impacting their personal and business finances. We believe we can be a great resource to the underserved residents and businesses in this expanded territory of the Mid-South. Southern Security has a long history of exceptional service, and we look forward to extending this record of trust and member relationships to new members in these communities.”
Southern Security worked with the consulting firm Dollar Associates, LLC to secure the new FOM.
According to Southern Security, the FOM expansion into some of the 18 counties does not include the entire county except for the underserved population areas.